Which of the following is true according to the law of demand? select all that apply-as market price increases, quantity demanded also increases-as market price increases, quantity demanded decreases-as market price decreases, quantity demanded also decreases-as market price decreases, quantity demanded increases

Question

Zoe Dean

Business

11 April, 17:41

Which of the following is true according to the law of demand? select all that apply-as market price increases, quantity demanded also increases-as market price increases, quantity demanded decreases-as market price decreases, quantity demanded also decreases-as market price decreases, quantity demanded increases

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Answers (1)

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Villegas · Answer 1

as market price increases, quantity demanded decreases

as market price decreases, quantity demanded increases

Explanation:

The law of demand stated the inverse relationship between the price and the quantity demanded keeping other factor constants like - taste and preferences, government policy, etc

As if the price increases, the quantity demanded decreases and if the price decreases, the quantity demanded increases. So, the demand curves slopes downward due to inverse relationship